Business
SHOPPERS DRUG MART CORPORATION ANNOUNCES THIRD QUARTER RESULTS
SHOPPERS DRUG MART CORPORATION ANNOUNCES THIRD QUARTER RESULTS
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\n Nov. 10, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nTORONTO, Nov. 10 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) today announced its financial results for the third quarter ended October 9, 2010.\n\nThird Quarter Results (16 Weeks)\n\nThird quarter sales increased 2.6% to $3.093 billion, with the Company continuing to experience sales growth in all regions of the country. On a same-store basis, sales increased 1.2% during the quarter.\nPrescription sales increased 0.8% in the third quarter to $1.492 billion, accounting for 48.3% of the Company's sales mix compared to 49.1% of the Company's sales mix in the same quarter of the prior year. On a same-store basis, prescription sales increased 0.2% during the third quarter of 2010. A reduction in generic prescription reimbursement rates, the result of recently implemented drug system reform initiatives, principally in Ontario, combined with greater generic prescription utilization, had a negative impact on sales dollar growth in pharmacy. Prescription sales growth continues to be driven by strong growth in the number of prescriptions filled, with total pharmacy counts increasing by 4.4% during the third quarter of 2010. On a same-store basis, pharmacy counts increased by 3.4% during the quarter. Generic molecules represented 56.5% of prescriptions dispensed in the third quarter of 2010 compared to 52.8% of prescriptions dispensed in the third quarter of last year.\nFront store sales increased 4.4% in the thi...